SIMEC Atlantis Energy Ltd said it has awarded a contract for the manufacture and delivery of its tidal turbine connection system to ETA Ltd.
The subsea hub is designed to allow multiple turbines to be connected to a single power export cable, which is expected to “significantly reduce” the costs associated with grid connection.
The project, Project Stroma, is also expected to significantly reduce the length of power export cable as well as the amount of onshore conversion equipment required for grid connection.
Project Stroma will connect two additional Atlantis AR2000 turbines via the new subsea hub to a single power export cable which will then be connected via the MeyGen substation to the National Grid.
SIMEC Atlantis Energy is “exploring a number of funding options” for Project Stroma, including the potential issue of the company’s first listed bond.
“The iconic MeyGen project is once again at the forefront of the development of the marine energy industry in Europe. Building on the success of our previous project specific bond issuances, we are currently in discussion with several regulated exchanges about the issuance of a debt instrument to fund Project Stroma which will in turn allow us to progress our plans to secure contracts for difference allocations for future phases of the MeyGen project,” said Chief Executive Officer Tim Cornelius.